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Commission income

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 June 2018 Sir,
If the assesse is engaged in the business of share trading (proprietorship) and Gross receipts shown and Tax deducted under section 194H on Rs. 50 lakhs or more, whether the have to do audit under section 44ab?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 June 2018 brokerage/commission is counted as business income. So audit will apply only if the turnover exceeds Rs 1 cr.

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